Contango ORE, Inc. Announces Plans for 2021 and Launch of New Company Website - Seite 2

Rick Van Nieuwenhuyse, the Company’s President and CEO, commented, “The Peak Gold, LLC recently completed the approximately $3 million fourth-quarter 2020 calendar year program at the Peak Gold project site just before the holidays. The drilling completed was primarily to provide large-scale, bulk samples for continued feasibility-level metallurgical work. The 2021 program is already underway with the Management Committee of PGLLC having approved an $18 million budget to complete work needed to prepare a Feasibility Study and ready the project for the permitting process. It is exciting to see the concrete progress being made and we look forward to reporting results as they become available.”

CORE’s 100%-Owned Exploration Update

The Company plans to drill its 100%-owned Triple Z target later this year. Previous work has outlined a well-defined porphyry copper-gold-silver target immediately adjacent to the Alaska and Taylor Hwys. The target is defined by grid surface sampling as well as IP and VTEM geophysical surveys – please see: https://www.contangoore.com/project/triple-z. The Company expects to be able to drill here in the fall once the State of Alaska has received conveyance from the federal government of these state selected lands – a process that is on-going in Alaska.

The Company also plans to continue its exploration efforts on its earlier stage Eagle and Hona projects located immediately north of the Peak Gold project area. At both areas, stream sediment and pan concentrate sampling have outlined several broad areas of anomalous gold and associated pathfinder elements, including some particularly high pan concentrate samples containing 1 to 9 g/t in multiple samples.

We believe the Eagle area is an exciting early-stage exploration area defined by anomalous stream geochemistry along approximately 10 kilometers of strike length. Follow up geology and boots on-the-ground prospecting are expected to identify areas for follow up drilling. A similar program is anticipated for the Hona block located immediately to the west of Eagle. Previous drilling by the Peak Gold JV at Hona identified multiple intervals of between 0.4 g/t gold over 17 meters and 3 g/t over thicknesses of 1.3 meters. Additional boots-on-the-ground prospecting and geologic mapping in combination with the extensive geophysical surveys already conducted are expected to refine geologic drill targets. We look forward to updating shareholders as we execute these programs later this year. Please visit our website for further information: https://www.contangoore.com/project/eagle and https://www.contangoore.com/project/hona.